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ED seizes Rs 30.60 cr in assets linked to Pandora Papers Leaks case
Enforcement Directorate
The probe agency stated that their investigation conducted under FEMA revealed that the Swarup brothers were holding assets in the form of "foreign exchange" in accounts maintained with Standard Chartered Bank in Jersey and Bank J Safra Sarasin in Switzerland
New Delhi: The Enforcement Directorate (ED) announced on Saturday that they have seized assets worth Rs 30.60 crore in the form of investments in securities related to Vikram Swarup and Gaurav Swarup under the provisions of the Foreign Exchange Management in the Pandora Papers leaks case.
"It was revealed in the Pandora Papers leaks that Vikram Swarup and Gaurav Swarup were beneficial owners of a company, Epsilon Enterprises Ltd., incorporated in the British Virgin Islands. Further investigations revealed that the two were beneficiaries of bank accounts belonging to Epsilon Enterprises Ltd., held with Standard Chartered Bank in Jersey and Bank J. Safra Sarasin in Switzerland," the ED said.
The probe agency stated that their investigation conducted under FEMA revealed that the Swarup brothers were holding assets in the form of "foreign exchange" in accounts maintained with Standard Chartered Bank in Jersey and Bank J. Safra Sarasin in Switzerland, under the name of the aforementioned Epsilon Enterprises Ltd., in contravention of Section 4 of FEMA.
"During the investigation, assets totaling Rs 30.60 crore in the form of investments in securities were identified and seized under Section 37A of FEMA. Further investigation in the matter is in progress under FEMA," said the ED.
